Billionaires enjoyed an incredible performance in 2020 and 2021, adding nearly $2 trillion to their collective wealth during the COVID-19 pandemic. But the richest people on the planet are now hemorrhaging as the stock market plunges and central banks tighten monetary policy. Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Page are among the top…
China’s Unrelenting Lockdowns Likely to Worsen US inflation: Analysts
May 24, 2022
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Business & EconomyCCP VirusChinaChina Business & EconomyeconomyinflationINSIDE CHINASpecial TopicsUS
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The U.S. economy is likely to face fresh inflationary pressures from China, where on-and-off lockdowns have slowed production in a wide range of areas from chips to Christmas trees, ravaging global supply chains. The Chinese regime’s heavy-handed measures to contain the fast-moving Omicron variant have brought major industrial and commercial centers, like Shanghai, to a…
Global Economy Facing ‘Biggest Test Since Second World War’: IMF Chiefs
May 24, 2022
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Business & Economyeconomic policieseconomyGita Gopinathglobal economic crisisIMF - International Monetary FundinflationInternationalKristalina GeorgievaWorld
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The global economy faces “the biggest test since the Second World War” said International Monetary Fund (IMF) chiefs in a post Sunday, as world leaders convene May 23–26 in Davos, Switzerland, for the World Economic Forum (WEF) Annual Meeting 2022. Russia’s invasion of Ukraine has exacerbated the COVID-19 crisis, destroying lives and economic growth while…
Petrol and Diesel Prices Hit Record High in UK
May 24, 2022
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Boris JohnsonBusiness & Economyeconomic policieseconomyenergy pricesinflationMarketsRishi SunakUKWorld
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Fuel prices in the UK have continued to hit record highs, official statistics show. The average price of a litre of petrol at UK forecourts was 167.7 pence ($2.1) on May 23, up from 165.1 pence a week earlier, according to new figures released by the Department for Business, Energy, and Industrial Strategy. The average…
Sales of New Homes Sink Over 16 Percent as High Prices, Rising Mortgage Rates Weigh on Buyers
New home sales in the United States fell over 16 percent from March to April, well below analysts’ forecasts as rising mortgage rates and high prices discouraged buyers from taking the plunge. New home sales tumbled 16.6 percent to a seasonally adjusted annual rate of 591,000 units last month, the lowest level since April 2020,…
Eco-Activists May Undermine Energy Security, Increase Emissions: UK Industry Body
May 24, 2022
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Business & Economyclimate activistseconomyEnvironmentExtinction RebellionGreenpeaceInsulate BritainJust Stop OilScienceUKWorld
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Environmental activists could undermine the UK’s energy security, increase its reliance on foreign imports, and consequently increase emissions, Britain’s leading offshore energy body has warned. Offshore Energies UK (OEUK) said that protests and publicity stunts by climate activists may deter further oil and gas investment in UK waters, making the country increasingly dependent on other…
Fed’s George Sees Policy Interest Rate Near 2 Percent by August
May 24, 2022
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Business & Economyeconomic policieseconomyEsther GeorgeEuropeFedinterestrateRussia-Ukraine WarUSUS NewsWorld
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Kansas City Federal Reserve Bank President Esther George on Monday said she expects the U.S. central bank to lift its target interest rate to about 2 percent by August, with further action dependent on how both supply and demand are affecting inflation. “Fed policymakers have emphasized a commitment to act expeditiously to restore price stability,…
State Farm on Giving Transgender Books to Schools: ‘We No Longer Support the Program’
Auto and home insurance giant State Farm says it is no longer a part of a collaborative book donation campaign that promotes transgenderism to kindergartners, following a media exposé based on a whistleblower email. The internal email, allegedly leaked by concerned State Farm employees, states that the company partnered with transgender youth advocacy group The…
Fed’s Daly Says She Does Not Expect a Recession
San Francisco Federal Reserve Bank President Mary Daly on Monday said the U.S. economy has a lot of momentum, and said the central bank can raise interest rates to where they are no longer stimulating economic growth without starting a recession. “We really have a strong economy,” Daly said in an interview on Fox News….
Powell’s Crash Landing
Commentary Wall Street, we have a margin problem. Shares of Target (TGT) fell by 25 percent on Wednesday, May 18 as their margins shrank by the same amount. TGT margins collapsed due to higher input costs, overstocking, and overstaffing. So much for the mantra that stocks are a great hedge against inflation. In reality, inflation is…
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